By Consider a Secured Credit Card Tied to a Fixed Deposit (FD) as a Viable Option. Acquiring such cards is straightforward, irrespective of the CIBIL score, making them an excellent choice for individuals without a credit history. Typically, fixed deposits provide assured returns and serve as collateral for secured credit cards. Utilizing a secured credit card facilitates the establishment of a credit history and enhancement of CIBIL/credit scores.
While obtaining a credit card has become more accessible for working individuals today, it remains challenging for those lacking a credit history. For such individuals, a secured credit card linked to a fixed deposit (FD) emerges as a beneficial solution. The ease of acquiring these cards, regardless of the CIBIL score, makes them an attractive option. Fixed deposits generally guarantee returns and function as collateral for secured credit cards, aiding in the development of a credit history and the improvement of CIBIL/credit scores.
It’s worth noting that various banks may impose different minimum deposit amounts for secured credit cards. However, in the context of a particular bank, you can effortlessly obtain a credit card with just a Rs. 2,000 FD. Explore the interest details associated with this bank for further insights.
Step Up Credit Card
The Step Up Credit Card, provided by SBM Bank (India) Limited, stands out as a secured credit card under the co-branded partnership with Paysabazaar. This card is extended to individuals in conjunction with the opening of a Fixed Deposit (FD) with SBM Bank. Customers can additionally benefit from a competitive 6.50 percent annual interest rate on their FD. It proves to be a favorable option for those who are new to credit or encounter challenges in obtaining conventional credit cards due to low credit scores. Experts recommend it for individuals facing difficulties in securing a credit card based on their credit history or geographical location.
Key Features:
- Flexible credit limit
- Digitized application process with zero physical contact
- No joining or renewal fees
- Establishing and enhancing credit scores is facilitated
Eligibility Criteria:
Credit cards in India typically leverage fixed deposits, and fixed deposit-based cards are generally limited to individual residents. However, specific individuals may find themselves ineligible for this facility.
In the context of eligibility criteria, the Step Up Credit Card offers a streamlined and digitized application process with a flexible credit limit. Additionally, it distinguishes itself by waiving both joining and renewal fees, making it an attractive choice for those seeking to build a robust credit score.
